DISTANT FORCE A MEMOIR OF THE TELEDYNE CORPORATION PDF
Results 1 – 12 of 12 Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by George A. Roberts and a great selection of related. I first read about Distant Force, the biography of Teledyne and its Book Review – Distant Force: A Memoir Of The Teledyne Corporation And. Find Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by George A. Roberts.
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However, one downside of stock dividends was that yield seeking investors who did not sell their original shares but who twledyne sell their stock dividends saw their holdings diluted by those dividends. There are a number of companies today that exhibit each of these characteristics. Nick Grosvenor rated it it was amazing Oct 30, Rather, it is the way that Danaher manages the acquisitions.
This classification scheme is used by most libraries on campus to determine the shelf order of the books and collocates items by topic. Philippe Brassard rated it really liked it Dec 20, This difference of nearly 10 percentage points between the company’s annual net income growth and its per share net income growth can be attributed to Singleton’s buybacks.
In this, Danaher is somewhat different from Teledyne, which generally focused on purchasing companies, which did not need significant improvements after acquisition.
Sophie rated it it was amazing Sep jemoir, Paul rated it liked it Nov 05, It’s not very creative to describe Warren Buffett and Berkshire Hathaway as successors to the traditions of Henry Singleton and Teledyne. At Teledyne, such ov included Teledyne Geotech, which built seismometers and created maps by assigning coordinates and elevations to locations identified in aerial surveys.
Moreover, heledyne most of its conglomerate peers, Teledyne successfully integrated its acquisitions.
Singleton’s response, as described in Distant Forceis particularly relevant to today’s market:. As a result, you see charts like the below one from FactSet’s December issue of Buyback Quarterly.
Distant Force : A Memoir of the Teledyne Corporation and the Man Who Created It
On the one hand, this seems to make no sense-Teledyne was spending valuable cash to buy back shares at the same time it was printing new shares to give to stockholders. In each case, the company’s contribution, though small, was critical to the value of the final product.
Moreover, beyond the issue of rising valuations for acquisitions, there was another reason for Henry Singleton’s decision to start buying large stakes in public companies. Physical Details vii, pages,  pages of plates: Not an easy read given the businesses they engage in are pretty technical in nature.
It is too early to tell whether this approach will augment the returns of such shareholders like it did those of Teledyne. Vivek rated it it was amazing Dec 20, The articles are in PDF formatted files.
It gave yield oriented investors a yield that they could access without selling the principal part of their investment. Singleton’s decision to begin buying partial stakes in other publicly traded companies was an offshoot of his decision to stop acquiring companies in Though all of these products are a physically small part of the missions they participate in, they are key to their success.
Teledyne Corporation’s success as a long-term investment, as described in George Roberts’ Distant Forcecan be attributed to five key factors- stock buybacks, careful acquisitions, dividends targeted to reward the long-term shareholder, the contrarian ownership of publicly traded securities, and a focus on niche businesses. And yet, Zimmer Holdings is extraordinary in one way-its stock buybacks. WFCholding them, like Teledyne, in insurance subsidiaries.
More importantly, the use of a stock dividend allowed the company to conserve valuable cash.
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Even better, the company made a significant amount of its repurchases during the first quarter ofthe lowest point of a low year for its stock price. If you purchase items through those links, I will receive a small commission, but there will be no additional charge to you.
After all, Facebook is infamous for having paid a billion dollars in to acquire Instagram, a company with not only zero earnings, but zero revenues, a far stretch from Henry Singleton’s refusal to pay even average valuations for an acquisition target. In comparison, the company’s net income had a CAGR of Nathan Hall rated it really liked it Oct 23, The writer s of this content may have positions in securities mentioned in this article.
Beyond this judicious purchasing of publicly traded securities, like Teledyne, Loews has also aggressively repurchased its shares, taking advantage of chronic market undervaluation to buy back over two thirds of its shares between and Dec 11, Fredric Y. Moreover, Danaher focuses on acquiring underperforming companies, it has consistently managed to buy its acquisition targets cheaply. The stock market is hardly depressed today.
For example, Exelis is the world’s leading supplier of night vision goggles and military radios, and a major supplier of counter-IED jammers. Of course, just because Berkshire Hathaway embodies all of the important characteristics of Teledyne doesn’t mean that someone buying Berkshire Hathaway today will earn Teledyne’s historical returns-or, for that matter, Berkshire Hathaway’s historical returns.
Refresh and try again. Of course, the fact that corporate managements have terrible timing in their share buybacks is old news to many investors. The content here reflects only the author’s opinions. To ask other readers questions about Distant Forceplease sign up. Even when the company does produce its own, finalized products, these products are still often “demon dust” products. During the period [Singleton] considered bonds as high risk and stocks as low risk, contrary to popular opinion, and he instructed his insurance companies to follow that advice in their investments.
During that time, the company’s stock gave investors Like Henry Singleton, the leaders of Loews are value investors who have consistently shown discipline in their stock purchases. They often do so when they feel the company is at its best, which is usually when the company’s shares are at their most expensive.
Phillip rated it really liked it Jan 02, As a result, it is difficult to know if the company’s actions in were a fluke. The company bought most of CNA inafter business mistakes nearly drove it to insolvency. Buffett is well known for using the term “moat” to describe the kind of niche businesses with unshakeable competitive positions that Teledyne acquired.
Summary [The] CD contains articles from the Teledyne quarterly and annual reports from through